x
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
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KENNECOTT
CORPORATION SAVINGS PLAN FOR HOURLY EMPLOYEES
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Financial
Statements and Supplemental Schedules
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As
of December 31, 2007 and 2006 and for the Year Ended December 31,
2007
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Together
with Report of Independent Registered Public Accounting
Firm
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Page
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Report
of Independent Registered Public Accounting Firm
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3
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Financial
Statements:
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Statements
of Assets Available for Benefits as of December 31, 2007 and
2006
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4
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Statement
of Changes in Assets Available for Benefits for the Year Ended December
31, 2007
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5
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Notes
to Financial Statements
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6 -
16
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Supplemental
Schedules:
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Schedule
H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) as of
December 31, 2007
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17
- 18
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Schedule
H, Part IV, Line 4a – Schedule of Delinquent Contributions
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19
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December
31,
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2007
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2006
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|||||||
Assets
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||||||||
Investments,
at fair value
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$ | 58,673,209 | $ | 52,059,493 | ||||
Receivables:
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||||||||
Employee
contributions
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31,592 | 96,521 | ||||||
Employer
contributions
|
9,580 | 29,429 | ||||||
Total
receivables
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41,172 | 125,950 | ||||||
Assets
available for benefits, at fair value
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58,714,381 | 52,185,443 | ||||||
Adjustment from fair value to contract value for fully | ||||||||
benefit-responsive
investment contracts
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65,110 | 149,419 | ||||||
Assets
available for benefits
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$ | 58,779,491 | $ | 52,334,862 |
Additions
to assets attributed to:
|
||||
Contributions:
|
||||
Employee
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$ | 2,750,962 | ||
Employer
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808,426 | |||
Total
contributions
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3,559,388 | |||
Investment
income:
|
||||
Net
appreciation in fair value of investments
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5,240,896 | |||
Interest
and dividends
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3,635,796 | |||
Total
investment income
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8,876,692 | |||
Total
additions
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12,436,080 | |||
Deductions
from assets attributed to:
|
||||
Transfers
to the Rio Tinto America Inc. Savings Plan
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1,171,841 | |||
Benefits
paid to participants
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4,817,340 | |||
Administrative
expenses
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2,270 | |||
Total
deductions
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5,991,451 | |||
Increase
in assets available for benefits
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6,444,629 | |||
Assets
available for benefits:
|
||||
Beginning
of year
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52,334,862 | |||
End
of year
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$ | 58,779,491 |
1. Description
of the Plan
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The
following brief description of the Kennecott Corporation Savings Plan for
Hourly Employees (the Plan) is provided for general information purposes
only. Participants should refer to the Plan document and the
summary plan description for more complete information.
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General
The
Plan is a defined contribution plan covering all full-time hourly
employees who are represented by or included in a collective bargaining
unit of Kennecott Utah Copper Corporation and its affiliates
(collectively, the Company or the Employer), as defined in the Plan
document. Eligible employees can participate in the Plan
immediately after completing three months of continuous
service. Kennecott Utah Copper Corporation is an indirect
wholly owned subsidiary of Rio Tinto America, Inc., which is an indirect
wholly owned subsidiary of Rio Tinto plc (the Parent). The Plan
is intended to be a qualified retirement plan under the Internal Revenue
Code (IRC) and is subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA), as amended.
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Contributions
Each
year, participants may elect under a salary reduction agreement to
contribute to the Plan an amount not less than 1% and not more than 19% of
their eligible compensation on a before-tax basis through payroll
deductions. Contributions are limited by the IRC, which
established a maximum contribution of $15,500 ($20,500 for participants
over age 50) for the year ended December 31, 2007. Participant
contributions are recorded in the period during which the amounts are
withheld from participant earnings. Participants may also
contribute amounts representing distributions from other qualified defined
benefit or defined contribution plans.
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The
Company matches the participants' contributions to the Plan at 50%, up to
the first 6% of their eligible compensation. Matching
contributions are recorded on the date the related participant
contributions are withheld.
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1. Description
of the Plan
Continued
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Participant
Accounts
Individual
accounts are maintained for each Plan participant. Each
participant’s account is credited with the participant’s contributions,
the Company’s matching contribution, and an allocation of the Plan’s
earnings, and is charged with withdrawals and an allocation of the Plan’s
losses and administrative expenses. Allocations are based on
participant earnings or account balances, as defined. The
benefit to which a participant is entitled is the benefit that can be
provided from the participant’s vested account.
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Participant-Directed
Options for Investments
Participants
direct the investment of their contributions and the Company matching
contributions into various investment options offered by the Plan.
Investment options include mutual funds, common collective
trusts, common stock of the Parent in the form of American Depositary
Receipts (ADRs), and a stable value fund consisting of a money market fund
and synthetic guaranteed investment contracts.
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Vesting
Participants
are immediately vested in their contributions plus actual earnings
thereon. Vesting in the Company's contribution portion of their
accounts is based on years of continuous service. A participant
is 100% cliff vested after three years of credited service.
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Payment
of Benefits
On
termination of service due to death, disability, or retirement,
participants or their beneficiaries may elect to receive a lump-sum
distribution in an amount equal to the value of the participants’ vested
interests in their accounts. Under certain circumstances,
participants may withdraw their contributions prior to the occurrence of
these events.
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Transfers
Along
with the Plan, the Company also sponsors another 401(k) plan that covers
non-represented employees. If employees change from union to
non-union status during the year, their account balances are transferred
from the Plan to the non-union plan; namely, the Rio Tinto America Inc.
Savings Plan. For the year ended December 31, 2007, transfers
out of the Plan totaled $1,171,841.
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1. Description
of the Plan
Continued
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Forfeited
Accounts
Forfeited
non-vested participant account balances may be used to reduce future
Company contributions to the Plan. Forfeitures were $8,757 for
the year ended December 31, 2007. Interest and dividends
attributable to the forfeitures were $895 for the year ended December 31,
2007. As of December 31, 2007 and 2006, the balance of the
forfeiture account was $13,980 and $4,328, respectively.
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2. Summary
of
Significant
Accounting
Policies
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Basis
of Presentation
The
financial statements of the Plan have been prepared on the accrual basis
of accounting in accordance with U.S. generally accepted accounting
principles.
As
described in Financial Accounting Standards Board Staff Position AAG INV-1
and SOP 94-4-1, Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment
Companies Subject to the AICPA Investment Company Guide and
Defined-Contribution Health and Welfare and Pension Plans (the
FSP), investment contracts held by a defined-contribution plan are
required to be reported at fair value. However, contract value
is the relevant measurement attribute for that portion of the net assets
available for benefits of a defined-contribution plan attributable to
fully benefit-responsive investment contracts because contract value is
the amount participants would receive if they were to initiate permitted
transactions under the terms of the plan. As required by the
FSP, the Statement of Assets Available for Benefits presents the fair
value of the investment contract as well as the adjustment of the fully
benefit-responsive investment contract from fair value to contract
value. The Statement of Changes in Assets Available for
Benefits is prepared on a contract value basis.
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Use
of Estimates
The
preparation of the Plan’s financial statements in conformity with U.S.
generally accepted accounting principles requires Plan management to make
estimates and assumptions that affect the reported amounts of assets
available for benefits at the date of the financial statements, the
changes in assets available for benefits during the reporting period and,
when applicable, the disclosures of contingent assets and liabilities at
the date of the financial statements. Actual results could
differ from those estimates.
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2. Summary
of
Significant
Accounting
Policies
Continued
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Risks
and Uncertainties
The
Plan provides for investments in securities that are exposed to various
risks, such as interest rate, currency exchange rate, credit and overall
market fluctuation. Due to the level of risk associated with
certain investment securities, it is reasonably possible that changes in
the values of investment securities will occur in the near term and that
such changes could materially affect participants’ account balances and
the amounts reported in the statements of assets available for
benefits.
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Investment
Valuation and Income Recognition
The
Plan’s investments in mutual funds are valued at quoted market prices,
which represent the net asset values of units held by the Plan at year
end. Plan investments in common stock are stated at fair value
based on quoted market prices. Common collective trusts are
valued at the asset value per unit as determined by each common collective
trust as of the valuation date. The fair value of the Plan’s
interest in the Dwight Stable Value Fund (see detail of investments
included in this fund in Note 3) is based upon the market value of the
underlying securities at quoted market value or quoted share
prices.
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Purchases
and sales of securities are recorded on a trade-date
basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend
date.
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The
net appreciation (depreciation) in the fair value of investments which
includes realized gains (losses) and unrealized appreciation
(depreciation) on those investments is presented in the statement of
changes in assets available for benefits of the Plan, and totaled
$5,240,896 for the year ended December 31, 2007 (see Note 6).
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Payments
of Benefits
Benefits
payments are recorded when paid by the Plan.
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Administrative
Expenses
The
Company pays the majority of costs and expenses incurred in administering
the Plan. The Company provides accounting and other services
for the Plan at no cost to the Plan.
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2. Summary
of
Significant
Accounting
Policies
Continued
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Administrative Expenses -
Continued
The
Plan has several fund managers that manage the investments held by the
Plan. During the year ended December 31, 2007, the Company paid
all investment management fees related to these investment
funds.
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|
The
investment management fees related to transaction costs associated with
the purchase or sale of Rio Tinto plc ADRs are paid by the
participants.
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||
Participant
Loans
Loans
are not permitted to be made to participants in the Plan.
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3. Fully
Benefit-
Responsive
Investment
Contracts
|
The
Plan’s investments include the Dwight Stable Value
Fund. The Dwight Stable Value Fund is invested in
the following:
· A
money market fund (TBC Pooled Employee Daily Liquidity Fund);
· A
fully benefit-responsive common collective trust (the SEI Stable Asset
Fund); and
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· Fully
benefit-responsive synthetic guaranteed investment contracts (GICs) as
follows:
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||
a. Synthetic
GIC, Dwight Managed Target 2, no specified maturity date,
5.06%;
b. Synthetic
GIC, Dwight Managed Target 5, no specified maturity date,
5.06%;
c. Synthetic
GIC, Dwight Managed Target 5, no specified maturity date,
5.60%;
d. Synthetic
GIC, Dwight Core International Fund, no specified maturity date,
5.65%;
e. Synthetic
GIC, Dwight Managed Target 2, no specified maturity date, 4.75%;
and
f. Synthetic
GIC, Dwight Managed Target 5, no specified maturity date,
4.75%
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3. Fully
Benefit-
Responsive
Investment
Contracts
Continued
|
Synthetic
GICs provide for a guaranteed return on principal over a specified period
of time through fully benefit-responsive wrap contracts, issued by a third
party, which are secured by underlying assets. The portfolio of
assets underlying the synthetic GICs has an overall AAA credit quality and
includes diversified bond portfolios.
The
wrap contracts are obligated to provide an interest rate not less than
zero. These contracts typically provide that realized and unrealized gains
and losses on the underlying assets are not reflected immediately in the
assets of the fund. Realized and unrealized gains and losses
are amortized, usually over the time to maturity or the duration of the
underlying investments, through adjustments to the future interest
crediting rate.
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|
The
contract or crediting interest rates for the GICs are typically reset
quarterly and are based on the market value of the portfolio of assets
underlying these contracts. Inputs used to determine the
crediting interest rates include each contract’s portfolio market value,
current yield-to-date maturity, duration, and market value relative to
contract value.
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||
These
wrap contracts provide benefit withdrawals and investment exchanges at the
full contract value of the synthetic contracts (principal plus accrued
interest) notwithstanding the actual market value of the underlying
investments (fair value plus accrued interest). There are
no reserves against contract value for credit risk of the contract issuer
or otherwise.
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||
Certain
events may limit the ability of the Plan to transact at contract value
with the issuer of fully benefit-responsive investment
contracts. Such events include the following: (1) amendments to
the Plan documents (including complete or partial plan termination or
merger with another plan), (2) bankruptcy of the Company or other Company
events (for example, divestiture or spin-off of a subsidiary) that cause a
significant withdrawal from the Plan, or (3) the failure of the trust to
qualify for exemption from federal income taxes or any required prohibited
transaction exemption under ERISA, as amended. The Plan
Administrator does not believe that the occurrence of any such event,
which would limit the Plan’s ability to transact at contract value with
participants, is probable. The contracts provide that
withdrawals associated with certain events which are not in the ordinary
course of fund operations, and are determined by the issuer to have a
material adverse effect on the issuer’s financial interest, may be paid at
other than contract value.
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3. Fully
Benefit-
Responsive
Investment
Contracts
Continued
|
Absent
the events described in the preceding paragraph, the synthetic guaranteed
investment contracts do not permit the issuers to terminate the agreements
prior to the scheduled maturity dates.
Average
duration for all investment contracts was 2.98 years at each of
December 31, 2007 and 2006. Average yield data for all
fully benefit-responsive investment contracts as of December 31, 2007 and
2006 was as follows:
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Average Yields
|
2007
|
2006
|
Based
on actual earnings
|
5.62%
|
5.21%
|
Based
on interest rate credited to participants
|
4.96%
|
5.12%
|
4. Parties-in-
Interest
Transactions
|
Certain
Plan investments are managed by Putnam Investments, the Plan
trustee. Therefore, these transactions are exempt
party-in-interest transactions. Fees paid by the Plan for
investment management services were included as a reduction of the return
earned on each fund.
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|
Transactions
associated with Rio Tinto plc ADRs are considered exempt party-in-interest
transactions because Rio Tinto plc is the Parent of the
Company. As of December 31, 2007 and 2006, the Plan held
27,449.129 and 32,446.29 shares, respectively, of common stock of Rio
Tinto plc, with a cost basis of $4,032,869 and $3,487,325,
respectively. During the year ended December 31, 2007, the Plan
recorded dividend income of $140,184 related to these
shares.
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5. Global
Securities
Lending
Program
|
The
Plan participates in the State Street Bank and Trust Company S&P 500
Flagship Securities Lending Series C Fund (the Fund), a common collective
trust. The Fund invests in certain collective investment funds that
participate in the Global Securities Lending Program maintained by State
Street Bank. The State Street Bank and Trust Company Quality Funds for
Short-Term Investment Super Collateral Fund and Quality D Short-Term
Investment Fund (collectively referred to as "Cash Collateral Pools") are
cash collateral pools utilized by the underlying fund(s) for the
investment of cash collateral resulting from securities lending
activities.
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|
The
Cash Collateral Pools issue and redeem their units at a price of $1.00 per
unit in accordance with their governing documents. Management of the Cash
Collateral Pools monitors the variation between the per unit market value
of each Pool's portfolio and $1.00. Independent pricing services,
quotations from bond dealers, and information with respect to bond and
note transactions may be used to assist in determining market value; such
pricing services may use valuation models or matrix pricing.
Management of the funds has reviewed the basis on which management
of the Cash Collateral Pools has determined to continue to issue and
redeem units at a price of $1.00 per unit, including among other things
current market conditions and the liquidity of the portfolio. Based on
that review, Management of the funds has continued to fair value its
holdings of units of each of the Cash Collateral Pools at $1.00 per
unit. Management of the funds will continue to review the
valuation of the units of the Cash Collateral Pools, including the basis
for the valuation of those Pools by their management, and whether it
continues to be appropriate to fair value the funds' investment in those
Pools at $1.00 per unit or, alternatively, at a lower per unit fair
value.
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6. Investments
|
The
Plan’s investments stated at fair value that represented five percent or
more of the Plan’s assets available for benefits as of December 31, 2007
and 2006 are as follows:
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2007
|
2006
|
|||||||
Assets
of the Dwight Stable Value Fund:
|
||||||||
TBC
Pooled Employee Daily
Liquidity Fund
|
$ | 162,873 | $ | 76,051 | ||||
State
Street Bank Synthetic GICs
|
7,677,878 | 7,244,086 | ||||||
Monumental
Life Insurance Company Synthetic GICs
|
5,571,169 | 5,107,813 | ||||||
SEI
Stable Asset Fund
|
4,800,390 | 4,017,384 | ||||||
$ | 18,212,310 | $ | 16,445,334 | |||||
Rio
Tinto plc ADRs
|
$ | 11,525,889 | $ | 6,894,512 | ||||
Dodge
and Cox Stock Fund
|
7,173,980 | 7,751,496 | ||||||
State
Street Bank and Trust Company S&P 500 Flagship Securities Lending
Series C Fund
|
4,237,044 | - | ||||||
Putnam
International Equity Fund
|
3,877,927 | 3,929,166 | ||||||
Harbor
Capital Appreciation Fund
|
3,710,213 | - | ||||||
Artisan
Mid Cap Fund
|
3,079,845 | 2,483,818 | ||||||
Putnam
S&P 500 Index Fund
|
- | 4,577,766 | ||||||
Putnam
Voyager Fund
|
- | 3,605,436 |
|
During
the year ended December 31, 2007, the Plan’s investments (including gains
and losses on investments bought and sold, as well as held during the
year) appreciated in value as
follows:
|
Investments
at fair value:
|
||||
Common
stock
|
$ | 6,082,942 | ||
Mutual
funds
|
(1,074,118 | ) | ||
Common
collective trusts
|
232,072 | |||
Net
appreciation
|
$ | 5,240,896 |
7. Plan
Termination
|
The
terms of the Plan may be amended, modified or discontinued after the
effective date of the Savings Plan Agreement. Such amendment,
modification or discontinuance may occur pursuant to negotiations for
employees at Kennecott Utah Copper Corporation who are represented by the
labor organizations that are jointly referred to as the Union, or as
required by law, or to gain Internal Revenue Service
approval. No change, however, shall make it possible for any
part of the funds of the Plan to be used for or diverted for purposes
other than for the exclusive benefit of participants and/or their
beneficiaries. In addition, no change shall adversely affect
the rights of any participant with respect to contributions made prior to
the date of the change.
|
|
If
the Plan is terminated in accordance with the terms described in the
preceding paragraph, each participant’s account shall become fully vested
and nonforfeitable and distribution of Plan assets shall be made as
directed by the Plan Administrator.
|
||
8. Income
Tax
Status
|
The
Internal Revenue Service has determined and informed the Company by a
letter dated December 9, 2002, that the Plan and related trust were
designed in accordance with the applicable requirements of the Internal
Revenue Code. The Plan has been amended since receiving the
determination letter; however, the Plan Administrator and the Plan’s legal
counsel believe that the Plan is currently designed and is being operated
in compliance with the applicable requirements of the Internal Revenue
Code. Therefore, no provision for income taxes has been
included in the Plan’s financial statements.
|
|
9. Delinquent
Contributions
|
During
the year ended December 31, 2007, Plan management determined that employee
and employer contributions totaling $131,415 for the payroll period ended
June 29, 2007 had not been deposited to the Plan. As of
December 31, 2007, the Company had paid the delinquent contributions to
the Plan and the Plan recorded a receivable for interest of $41,172
calculated under the guidelines of the U.S. Department of Labor’s
Voluntary Fiduciary Correction Program (see the accompanying supplemental
Schedule of Delinquent Contributions). On January 10, 2008, the
Company paid the interest due on the delinquent
contributions.
|
10. Reconciliation
of Financial
Statements to
Form 5500
|
The
following is a reconciliation of assets available for benefits as
presented in the financial statements as of December 31, 2007 and 2006 to
the Form 5500:
|
2007
|
2006
|
|||||||
Assets
available for benefits as presented
in the financial statements
|
$ | 58,779,491 | $ | 52,334,862 | ||||
Adjustment
from contract value to fair
value for fully benefit-responsive investment contracts
|
(65,110 | ) | (149,419 | ) | ||||
Assets
available for benefits as presented
in Form 5500
|
$ | 58,714,381 | $ | 52,185,443 |
11. Recent
Accounting
Pronouncements
|
In
September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards No. 157 (SFAS 157), Fair Value
Measurements. SFAS 157 establishes a single authoritative
definition of fair value, sets out a framework for measuring fair value
and requires additional disclosures about fair value measurement. SFAS 157
is effective for financial assets and liabilities for financial statements
issued for fiscal years beginning after November 15, 2007 and for
non-financial assets and liabilities for financial statements issued for
fiscal years beginning after November 15, 2008. Plan management does not
believe the adoption of SFAS 157 will have a material impact on the Plan’s
financial statements.
In
February 2007, the FASB issued Statement on Financial Accounting Standards
No. 159 (SFAS 159), The
Fair Value Option for Financial Assets and Financial Liabilities –
including an amendment of FASB Statement No. 115. SFAS 159 provides
an option to report selected financial assets and liabilities at fair
value, which can be elected on an instrument-by-instrument basis. SFAS 159
is effective for financial statements issued for fiscal years beginning
after November 15, 2007. Plan management does not believe the adoption of
SFAS 159 will have a material impact on the Plan’s financial
statements.
|
|
||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
||||||||||
Party
in
|
Number
of
|
Current
|
||||||||||||
Interest
|
Identity
of Issue
|
Description
of Investment
|
Units
|
Cost
|
Value
|
|||||||||
Money
Market Fund:
|
||||||||||||||
Mellon
Bank
|
TBC
Pooled Employee Daily Liquidity Fund
|
162,873 |
**
|
$ | 162,873 | |||||||||
Common
Collective Trusts:
|
||||||||||||||
SEI
Investments
|
SEI
Stable Asset Fund
|
4,800,390 |
**
|
4,800,390 | ||||||||||
State
Street
|
State
Street Bank and Trust Company S&P 500 Flagship Securities Lending
Series C Fund
|
161,037 |
**
|
4,237,044 | ||||||||||
Total
Common Collective Trusts
|
9,037,434 | |||||||||||||
Mutual
Funds:
|
||||||||||||||
Dodge
and Cox
|
Dodge
and Cox Stock Fund
|
51,888 |
**
|
7,173,980 | ||||||||||
*
|
Putnam
|
Putnam
International Equity Fund
|
139,796 |
**
|
3,877,927 | |||||||||
Harbor
|
Harbor
Capital Appreciation Fund
|
99,443 |
**
|
3,710,213 | ||||||||||
Artisan
|
Artisan
Mid Cap Fund
|
99,543 |
**
|
3,079,845 | ||||||||||
PIMCO
|
PIMCO
Total Return Fund
|
234,629 |
**
|
2,508,185 | ||||||||||
Dodge
and Cox
|
Dodge
and Cox International Fund
|
24,468 |
**
|
1,126,021 | ||||||||||
UAM
Trust Company
|
UAM/ICM
Small Company Fund
|
33,947 |
**
|
1,125,008 | ||||||||||
*
|
Putnam
|
Putnam
Small Cap Fund
|
50,851 |
**
|
1,012,950 | |||||||||
Wells
Fargo
|
Wells
Fargo Advantage C&B Mid Cap Fund
|
58,506 |
**
|
947,208 | ||||||||||
Total
Mutual Funds
|
24,561,337 | |||||||||||||
*
denotes a party-in-interest as defined by ERISA
|
||||||||||||||
**
not required as investments are participant directed
|
|
||||||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
||||||||||
Party
in
|
Number
of
|
Current
|
||||||||||||
Interest
|
Identity
of Issue
|
Description
of Investment
|
Units
|
Cost
|
Value
|
|||||||||
Synthetic
Guaranteed Investment Contracts:
|
||||||||||||||
Monumental Life Insurance Company
|
Synthetic
GIC, Dwight Managed Target 2, no specified maturity date,
5.06%
|
143,905 |
**
|
$ | 2,426,491 | |||||||||
Monumental Life Insurance Company
|
Synthetic
GIC, Dwight Managed Target 5, no specified maturity date,
5.60%
|
113,884 |
**
|
2,124,774 | ||||||||||
Monumental
Life Insurance Company
|
Synthetic
GIC, Dwight Managed Target 5, no specified maturity date,
5.06%
|
54,665 |
**
|
1,019,904 | ||||||||||
|
|
5,571,169 | ||||||||||||
|
|
|||||||||||||
State Street Bank |
Synthetic GIC, Dwight Core Int Fund, no specified maturity
date, 5.65%
|
136,428 |
**
|
2,061,676 | ||||||||||
State Street Bank |
Synthetic GIC, Dwight Managed Target 2, no specified maturity
date, 4.75%
|
295,163 |
**
|
4,976,967 | ||||||||||
State Street Bank
|
Synthetic GIC, Dwight Managed Target 5, no specified maturity
date, 4.75%
|
34,262 |
**
|
639,235 | ||||||||||
|
|
5,616,202 | ||||||||||||
|
|
|||||||||||||
|
Total Synthetic Guaranteed Investment Contracts
|
13,249,047 | ||||||||||||
|
|
|||||||||||||
*
|
Rio Tinto plc ADRs | Common Stock | 27,449 |
**
|
11,525,889 | |||||||||
*
|
Putnam
|
Pending Account
|
136,629 |
**
|
136,629 | |||||||||
|
|
|||||||||||||
|
Total Investments at fair value
|
$ | 58,673,209 | |||||||||||
*
denotes a party-in-interest as defined by ERISA
|
||||||||||||||
**
not required as investments are participant directed
|
|
|
||||||||||||
Date
Remitted
|
Payroll
End
Date
|
Employee
contributions
remitted late
to the Plan
|
Nonexempt
prohibited transactions
that are
corrected outside VFCP
|
Corrective
additional Employer
earnings
contribution
|
|||||||||
12/31/2007
|
6/29/2007
|
$ | 100,869 | $ | 100,869 | $ | 31,592 | ||||||
Date
Remitted
|
Payroll
End Date
|
Employer
match due
|
Nonexempt
prohibited transactions
that
are corrected outside VFCP
|
Corrective
additional Employer
earnings
contribution
|
|||||||||
1/10/2008
|
6/29/2007
|
$ | 30,546 | $ | 30,546 | $ | 9,580 |
KENNECOTT
CORPORATION SAVINGS PLAN
|
||
FOR
HOURLY EMPLOYEES
|
||
By:
|
/s/ Jack
Welch ___________
|
|
Name: Jack
Welch
|
||
Title:
Treasurer
|
Exhibit
|
||
Number
|
Document
|
|